European Shares Buoyed By Upbeat Earnings, Henkel Hits Record
London: European shares rose on Thursday, rebounding from a drop in the previous session, helped by well-received corporate updates from the likes of Belgium's KBC and Germany's Henkel.
The pan-European STOXX 600 rose 0.2 per cent after snapping a five-session winning streak in the previous session. The British FTSE 100 was the major underperformer, down 0.4 per cent as stocks such as Shell and Rio Tinto traded ex-dividend, trimming 37 points off the index.
Belgian financial group KBC rose 5 per cent, the top gainer on the index. It posted a year-on-year rise in net profit in the second quarter as loan and deposit volumes grew in most of its core markets and it kept costs low.
Germany's Henkel also rose after results, and was up 3.4 per cent to a record high. The consumer group lifted its guidance for its core profit margin after results came in ahead of expectations.
Also in Germany, shares of SAP and Adidas climbed to record highs.
With 80 per cent of companies having reported results on the STOXX 600, 60 per cent have beaten or met expectations.